UOB Kay Hian, the largest securities brokerage in Singapore, is looking to hire DBS Vickers' remisiers and trading representatives who are affected by its recent revamp.
UOB Kay Hian is in talks with DBS to hire about 15o remisiers and retail equity trading representatives from DBS Vickers, the bank's broking arm, who were affected by its revamp to better focus on institutional clients, according to «The Business Times.»
The newspaper cited unnamed sources saying that representatives from both banks had met and that negotiations are underway over the transfer of the trading representatives as a group, which would be easier than bringing them over individually. DBS also held a town hall meeting with the affected brokers on Wednesday, the newspaper reported.
DBS Vickers Revamp
In February, finews.asia reported DBS Bank's plans to merge its retail equity trading under DBS Vickers with the bank amid falling trade volumes from retail participants and downward pressure on brokerage commissions. The merger is part of an integration strategy that began 2013 to strengthen the bank's wealth proposition by bringing banking and broking together under one roof.
DBS Vickers said it would offer employees new roles in the bank, but remisiers, being self-employed trading representatives, may not have that option. Brokers that competed with DBS Vickers for business also jumped in to recruit affected remisiers.
